Monthly Archives: February 2022

Who was the smartest person in the world? – Big Think

Posted: February 5, 2022 at 4:56 am

Who was the smartest person in the world? There are certainly many worthy contenders. Today, the very name of Einstein is synonymous with genius. Others may suggest Stephen Hawking. Those who appreciate literature and music may proffer William Shakespeare or Ludwig van Beethoven. Historians may recommend Benjamin Franklin.

Before I submit my own suggestion, we must first discuss what we even mean bysmart. Colloquially, we routinely interchange the wordssmartandintelligent, but they are not necessarily the same thing. There is an ongoing debate among psychologists, neuroscientists, and artificial intelligence experts on what intelligence actually is, but for our purposes here, a simpledictionary definitionwill suffice: capacity for learning, reasoning, understanding, and similar forms of mental activity; aptitude in grasping truths, relationships, facts, meanings, etc.

Implicit in this definition of intelligence isgeneral knowledge. An intelligent person capable of understanding quantum mechanics is useless to society if he is completely ignorant. So, a truly smart person will know a lot of things, preferably about many different topics. He should be apolymath, in other words.

Finally, there is the element ofcreativity. Creative people think in ways in which most other people do not. Where society sees a dead end, a creative person sees an opportunity.

Which person from history was the bodily manifestation of intelligence, knowledge, and creativity? Isaac Newton.

What was Newtons IQ? Its impossible to say. IQ tests didnt exist in the 17th Century, and if they had, Mr. Newton certainly would not have deigned to spend 90 minutes filling out ovals on a multiple choice test. Besides, he likely would have finished the test early and then spent the remaining time correcting errors and devising more difficult questions.

Nobody doubts that Isaac Newton was an intelligent man, but he also exhibited in spades the two other characteristics outlined above: knowledge and creativity.

Newton was a true polymath. Not only did he master physics and mathematics, but he was also a theologian. He was obsessed with eschatology (end-times prophecy), and he calculated based on his interpretation of the Bible thatJesus Christ would return to Earth in 2060. His dedication to religion was so great that,according toNature, more than half of his published writings were on theology.

He also became well versed in alchemy. Do not hold that against him. Many great scientists of his time believed that any metal could be transmuted into gold.The Economistexplainswhy the notion was not entirely unreasonable in Newtons time:

Alchemical theories were not stupid. For instance, lead ore often contains silver and silver ore often contains gold, so the idea that lead ripens into silver, and silver into gold, is certainly worth entertaining. The alchemists also discovered some elements, such as phosphorous.

Furthermore, later in life, Newton dabbled in economics. James Gleick, author of the truly excellent biographyIsaac Newton, wrote that [h]e wrestled with issues of unformed monetary theory and international currency. As Master of the Mint, Newton was tasked with tracking down currency counterfeiters, which he did, as Gleick wrote, with diligence and even ferocity. He showed no pity in his relentless pursuit of justice. When notorious counterfeiter William Chaloner attacked Newtons personal integrity, he doubled down his efforts to catch him.Mental Flossreports:

Acting more the grizzled sheriff than an esteemed scientist, Newton bribed crooks for information. He started making threats. He leaned on the wives and mistresses of Chaloners crooked associates. In short, he became the Dirty Harry of 17th-century London.

Newtons sleuthing worked. Chaloner was caught and hanged.

Impressive as all that, what truly separates Newton from other luminaries was his unparalleled creativity. He created multiple tools that simply never existed before. For example, in order to study acceleration, the change in velocity, a tool beyond basic algebra was required. That tool, called the derivative, is the most basic function in calculus. It didnt exist in the 17th century. Newton invented it.

In order to find the area beneath a curve, another tool beyond basic algebra was needed. That tool, called integration, is the second most basic function in calculus. Like the derivative, it did not exist in the 17th century. So, Newton invented it. He also invented areflecting telescopeand the ridges on coins, which serve as ananti-theft measurethat prevents coin clipping.

Newtons inventiveness is perhaps best summarized by the epigraph to Gleicks biography, which was written by his nieces husband in 1726:

I asked him where he had it made, he said he made it himself, & when I asked him where he got his tools said he made them himself & laughing added if I had staid for other people to make my tools & things for me, I had never made anything

Sadly, despite his fame, Isaac Newton led a very lonely life. His incomparable brilliance came at a hefty cost; his reclusive and anti-social nature strongly suggest that he was autistic, and his obsessive and disagreeable nature suggest mental illness, perhaps obsessive-compulsive disorder.Mental Flossnot-so-charitablydescribesNewton as suffering from everything:

[H]istorians agree he had a lot going on. Newton suffered from huge ups and downs in his moods, indicating bipolar disorder, combined with psychotic tendencies. His inability to connect with people could place him on the autism spectrum. He also had a tendency to write letters filled with mad delusions, which some medical historians feel strongly indicates schizophrenia.

The more I study Isaac Newton, the more fascinating he becomes. In my opinion, the genius of the precocious boy from Woolsthorpe has never been, nor ever will be, surpassed.

This article is adapted from a version originally published on RealClearScience.

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Letter to the editor: Unchecked free speech can destroy freedom – pressherald.com

Posted: at 4:55 am

Once again, some among us are falsely interpreting the intent of the Constitutions guarantee of freedom of speech.

The Supreme Court has already ruled that falsely yelling Fire! in a crowded place is not protected. So its obvious that constitutional scholars using common sense can interpret the intended limits of acceptable, responsible and democratic freedom of speech, ensuring the safety and well-being of all.

The premise that just one tiny pushback to one persons free speech will lead to an autocratic state is bogus. Without limits to untruthful, unscientific and noninclusive lies, a democratic nation plunges toward disaster. To begin: Define ethics parameters for all persons who are in elected office (local to national); all running for elected office, and radio, TV, phone and internet businesses.

This would not squelch free speech. It would demand that any person or business would have to support any statement with verifiable evidence at the time of presentation. This would allow another to seek legal recourse if misinformation is intentionally spoken or allowed that could result in the loss of safety or well-being of others. It would encourage free speech from real Americans and guard against those who spew words without any regard of truth. If we are to remain free, stop the few who are stealing our freedoms using words of hate, division and lies.

Unless you choose to talk to yourself, your speech must always safeguard the security and all the constitutional rights of others.

Jim StorerWestbrook

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Joe Rogan saved free speech and other commentary – New York Post

Posted: at 4:55 am

Iconoclast: Joe Rogan Saves Free Speech

They can have Rogan or Young. Not both. That ultimatum from singing legend Neil Young to Spotify had a justifiable sense of certainty, quips The Hills Jonathan Turley. Spotify stuck with Rogan, and perhaps more importantly, free speech. But the choice between Rogans 11 million listeners or an aging rocker was economically clear. Spotifys music side isnt raking in much profit; Rogan and podcasts are a cash machine, with revenue up a staggering 627 percent. This is good news for free speech. Normally, companies see no profit in defending dissenting viewpoints. Now, for the first time, the economics may have actually worked against censorship and for free speech.

Libertarian: Public Health Camouflage

The pandemic era, argues Reasons Peter Suderman, has revealed a tendency to use public health as a pretext for some other goal that has little or nothing to do with public health. Neil Youngs fight with Spotify and New Yorks battle over to-go cocktails are both over non-COVID issues. Liquor-store lobbyists worked heavily against extending the [to -go cocktail] policy for selfish reasons but claim its a public-health issue. Young cited Joe Rogans chats with vax-deniers, but he took his music down from all streaming services in 2015, complaining that low-quality streaming devalued his music. Both used the totalizing emergency of the pandemic to cast their moves as pure and selfless when the reality is anything but.

Conservative: Dems To Pay for Border Bungles

The Biden administration doesnt seem much interested in the havoc on our southern border, notes Jason L. Riley at The Wall Street Journal, yet its worsening, and Republicans will make it a campaign theme for the midterms. People have seen record levels of illicit crossing, overflowing detention centers and, more recently, video footage of illegal immigrants being ferried (in the dead of night) across the country with disastrous results. Immigrants respond to incentives, and Dems have encouraged them to try their luck. President Donald Trumps rhetoric was often over-the-top, but his point (Americans should get to decide who comes here) resonated. Team Bidens failure to grasp this could cost Democrats dearly in November.

Foreign desk: Xi Must Win Olympics

If Chinese President Xi Jinping wants to stay in power to achieve his goal of being Dictator for Life he needs to win the 2022 Winter Games, asserts Gordon G. Chang at Newsweek. Xi seeks a precedent-breaking third term as general secretary of the Communist Party instead of following recent custom and retiring. That would batter the power of the party, which since the 1980s worked to establish rules, customs and guidelines to limit leaders, the result of elite horror at the near-absolute power of Mao Zedong. The partys next National Congress, likely this fall, will decide Xis fate. So Xi, whos personally supervising the Olympics, needs no scandals, no terrorism, no visible protests about Uyghurs or other issues. And most of all, given Chinas role in unleashing the global pandemic, it means Xis zero COVID strategy must work.

Analyst: Mike Pences Moment

Ex-prez Donald Trumps insistence that he won the 2020 election remains a serious problem for Republicans nationwide, explains Henry Olsen at The Washington Post. Candidates cant ignore him, so the GOP could be saddled with a large number of 2020 truthers in the midterms. And while the emperor has no clothes, it takes someone with the courage to say it out loud to break the spell. Ex-veep Mike Pence is the perfect person to do this, as the vast majority of Republicans and GOP officeholders respect him. And since hes now under direct attack from Trump, he is also the natural person to rebut Trumps false claims. He really only has two choices: Shrink into private life entirely or someday meet his fate as the man with the conviction and stature needed to engage with Trump in this battle.

Compiled by The Post Editorial Board

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Art Spiegelman on Maus and free speech: Whos the snowflake now? – The Guardian

Posted: at 4:55 am

In 1985, at the height of popularity for the faddish baby dolls, the Cabbage Patch Kids, the cartoonist Art Spiegelman debuted a subversive line of trading cards, the Garbage Pail Kids.

Featuring viscerally queasy drawings of, say, a mushroom cloud detonating from the roof of a cheery toddlers skull, or a Raggedy Ann facsimile barfing up dinner into a pot, the Garbage Pail Kids were a sensation among edgy preteens all over the world. They were also swiftly banned in a slew of schools. To this day, Mexico has a law restricting the import and export of Garbage Pail Kids material.

You know how Joe Manchin is a thorn in our side? Spiegelman asked in a phone interview this week. His uncle, A Jamie Manchin, was the state treasurer of West Virginia in the 80s. He said that Garbage Pail Kids should be banned because theyre subverting children. It runs in his family.

It reminds me that things keep changing, but were still dealing with permutations of the same struggles.

The latest permutation came last week, when the McMinn county board of education in Tennessee voted to remove Spiegelmans 1991 Holocaust memoir, Maus, from its middle-school curriculum. Though the board cited the graphic novels use of non-sexual nudity and light profanity in defending its decision, the ban is part of a wave of scholastic censorship in the US, largely led by an agitated conservative movement and targeting books that deal with racism or LGBTQ issues.

But the author of the Pulitzer prizewinning graphic novel, which tells the story of his parents experience as Polish Jews during the Holocaust, traces his own free speech radicalism to a very different inflection point in Americas censorship wars. As a teenager, Spiegelman found himself siding with the right of Nazis to march in Skokie, Illinois, a town with a significant population of Holocaust survivors.

The ACLU lost a lot of members because they defended their right to march, he said. And I just thought that seemed right. Let them march, and if theres any more trouble, stop them. I thought that was a conversation that had to take place.

It shaped me.

Born in Sweden after his parents were liberated from Auschwitz, Spiegelman grew up in Queens, New York, and began cartooning before he reached high school. He was a fixture of the 70s Bay Area underground comix scene, rubbing shoulders with world-renowned provocateurs like Robert Crumb and Gilbert Shelton. The work that birthed from that era was truly brazen depicting drugs, violence and sex, with a thirsty anticipation for backlash.

Spiegelman says that he and his peers drew much of their rage from the rampant censorship campaign that targeted the comics industry in the 1950s a time when, due to federal pressure, publishing houses instituted the Comics Code, which repressed even the teensiest adversarial tone in the work of mainstream cartoonists.

There were literally parents and clergymen gathering comic books from kids and burning them in bonfires, he said. We as cartoonists of that generation loved the salacious, raucous, uninhibited expression of id. We wanted to topple every article of the Comics Code if we could.

He began to publish the deeply personal Maus as a serialized comic in 1980 in Raw, an annual comics anthology he edited with his wife, Franoise Mouly. But Spiegelman maintained a fascination with both high and low culture, leading him to pursue projects like the Garbage Pail Kids.

Spiegelman hasnt exclusively rankled political conservatives. In 1993, in the aftermath of the Crown Heights riots, he drew a cover for the New Yorker that featured a Hasidic man and a Black woman bonded by a passionate kiss. The imagery ruffled feathers, even within traditionally liberal enclaves. Spiegelman recalls one baffling criticism from a member of the New Yorker editorial staff, who believed that his cover depicted a Hasidic man hiring an escort. (That clearly was not the case.)

A decade later, in 2002, Spiegelman struggled to find a domestic home for his 9/11-themed anthology of comics called In the Shadow of No Towers. Eventually he was forced to take it overseas to the German newspaper Die Zeit, due to what Spiegelman believes was the frothing jingoism that gripped the country after the attack.

It was saying the unsayable. Theres one big panel in the second or third installment of In The Shadow of No Towers where Im trying to take a nap at my drawing table. Osama bin Laden is on my left with a scimitar, while George W Bush is on my right with a gun to my head, he says. I think one of the people at the New Yorker said that I was crazy, that I was talking about those two things as equal threats. When that got back to me I said, No, youre right. America is a much larger threat.

Now Spiegelman is gearing up for the same war hes been fighting since he first started drawing cartoons more than 50 years ago. The characters and context have changed, but his core ethics have not. In fact, the more I talked to Spiegelman, the more I got the sense that the Maus censorship has shaken him more than any of his previous brushes against authority. When you consider the many years children have turned to the book to better understand the Holocaust, its not hard to understand why.

Still, the current controversy has also neatly illustrated one of the foundational principles of the publishing industry: nothing drives up interest in a book faster than a misguided prohibition. Maus is topping bestsellers lists across the country, as readers everywhere clamor to see what the fuss is about.

You know how they publish book galleys before books are published? On the back of them it says, Published April 3 and a list of things thats being done to publicize the book? I see a future where it says, Published April 3, banned May 12, Spiegelman said. That would be the end date of anything they need to do to publicize the book.

I hope that dawning reality adds some clarity to the culture war, which is why its reassuring to watch Maus blast off to the top of the sales charts. The conceit that the left consists exclusively of nosy schoolmarms, while the right is united in first amendment patriotism, has surely been rendered counterfeit by now.

This week has been like, Well, whos the snowflake now? said Spiegelman. Lets keep those words in mind.

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Another blow to free speech | WORLD – WORLD News Group

Posted: at 4:55 am

Some members of Congress apparently think that Facebook, Twitter,and other social media giants are still not doing enough to censor the politicalviews of conservatives on their platforms.

Speaker Nancy Pelosis House committee investigating the eventsat the U.S. Capitol on Jan. 6, 2021, has issuedsubpoenas to Twitter, Meta (Facebook), YouTube, Alphabet (Google), andReddit to consider whether the platforms were promoting domestic terrorism.

The tech companies are already facing lawsuits and widespread customer backlash for the one-sided silencing of politicalspeech.

In the most famous example, Twitter canceled the account of @RealDonaldTrump, then the sitting presidentof the United States, for violating its community standards. Twitter then canceled numerous other accounts and purged many followers because an algorithm determined theywere likely Russianbots.More recently, Twitter permanently removed the account of U.S. Rep. Marjorie TaylorGreen, R-Ga.

Twitter is not alone in this respect: YouTube has taken downvideos of U.S. Sens. RonJohnson and RandPaul,the latter for saying what the Centers for Disease Control and Prevention now admitsis trueconcerning the efficacy of cloth masks in fighting the spread of COVID.

And we know from admissions made from the podiumof the White House press room that the Biden administration is conspiring withthe social media platforms to remove so-called health disinformation. My law firmrepresents a Twitter and Facebook user who was suspendedby both platforms for posting peer-reviewed social science about the masking ofchildren at the same time the White House and surgeon general launched a coordinatedcampaign against so-called health disinformation.

Whether the topic was ballot integrity in the 2020 elections,information about COVID-19, or the events of Jan. 6, the social media platformswere on the prowl for disfavored opinions.

And yet apparently, all of that is not enough. Revoking or suspendinguser accounts, removing individual posts or video content, requiring disclaimers,and imposing accompanying links to accurate information still does not cut itas far as congressional Democrats are concerned.

Because lets be real: These subpoenas are not about gathering informationtheir purpose is intimidation. Few things send a shudder down the spine of a corporate executive at a publicly traded company like a congressional subpoena. We all know where this is headed: a front-page photo of new Twitter CEO Parag Agrawal and Facebooks Mark Zuckerburg taking an oathbefore a congressional committee.

In advance of fulfilling the subpoena and testifying, the pressure from the CEOs office to corporate underlings will be intense: Give me everything weve got where weve taken steps to shut down extremist speech. Lets turn over a thousand pages documenting everything weve done. But who defines extremist?

But it will not stop there. The corollary will be equally obvious: We need to do more. I need to announce something. Lets rewrite the algorithms, lets commission more volunteer monitors, lets hire more in-house censorsgive me something to give the committee.

And so, in the name of combatting domestic terrorism, the already woke scions of Silicon Valley will censor even more speech.

Domestic terrorism is a real threatwe were reminded of that vividly a few weeks ago when an Islamic terrorist held hostagesat a Jewish synagogue in Texas. And those who broke the law on Jan. 6 deserve the full measure of justice for their violation of Americas temple of democracy.

But Speaker Pelosi and her hand-picked and one-sided Jan. 6 committee are making the most of the old Rahm Emmanuel adage, Never let a good crisis go to waste.

Under the glaring bright lights of a congressional room, the social media platforms will take the hint to do more to combat domestic terrorism, defined by the left as any speech on the right deemed unacceptable. These same platforms seem to think that no speech to the left is ever too extreme.

When Congress enacted Section 230, the law that provides liability protection for platforms that remove content, it said its purposes included ensuring the internet offer[s] a forum for a true diversity of political discourse, unique opportunities for cultural development, and myriad avenues for intellectual activity.

How far Congress has fallen from that noble aspiration.

Editors note: Daniel Suhrs law firm, the Liberty Justice Center, represents Justin Hart in a lawsuit challenging Twitter and Facebooks suspension of his social media accounts.

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A famed case over free speech, and a food initiative program in Rosebud – SDPB Radio

Posted: at 4:55 am

On today's showSDPB's Richard Two Bulls reports on Sicangu Community Development Corporation's food initiative program in Rosebud. It's a grassroots program to realize a return to food sovereignty to indigenous communities.

The United States has a long history of protecting free speech from government intrusion. Today we explore the famed case of United States v. One Book Called Ulysses. It's the story of a James Joyce novel, efforts to smuggle a single copy into the country to challenge obscenity laws, and how lawyers made history that impacts our ability to read what we want to read to this day. Augustana University Professor Patrick Hicks, Ph.D., and University of Sioux Falls Professor Mike Thompson, J.D., have the rollicking legal and literary drama.

Take A Moment: Poetry from Studio 47 features the work of Jane Yolen.

South Dakota state historian Ben Jones hosts a podcast calledHistory 605. On Monday, a new episode drops in which Jones interviews author and historian Gary Anderson about his book Massacre in Minnesota: The Dakota War of 1862, the Most Violent Ethnic Conflict in American History.

Fresh Tracks with David Hersrud is back with a glance into the world of popular music. Books, Boxsets, and Betty White are the theme for this week's episode. SDPB's Larry Rohrer and music industry insider David Hersrud have the story.

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Opinion | I have every right to ignore your free speech – TheRecord.com

Posted: at 4:55 am

Freedom Convoy not about freedom Jan. 31

Geoffrey Stevens column dealt, in part, with reasonable limits on freedom of expression; I feel that there is a very reasonable limit on this right which is often overlooked:

If Peter has a right to express his opinion, then Paula has a right to ignore everything Peter has to say. The right to express ones views does not, or at least should not, imply the right to force others to listen to those views.

Protesters, salespeople, preachers and politicians are among the people who seem to get very annoyed when their words fall on deaf ears. Too bad. No one with the possible exception of the people who administer our laws -has the right to a captive audience.

In our increasingly connected world, it is important to strike a balance between the right to freedom of speech and the right to ignore the speaker. Its been called the right to disconnect, but I would suggest that the broader term, freedom from speech is more appropriate.

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Cryptocurrency news: IRS announces it won’t tax crypto, but only in these cases – Marca English

Posted: at 4:54 am

In May 2021, Joshua and Jessica Jarret requested the IRS a refund of $3,293 of income tax paid in 2019.

The couple filed a legal complaint with the US District Court for the Middle District of Tennessee.

They obtained 8,876 Tezos tokens through staking, and they claimed to the court that any tokens gained through proof-of-stake should be considered "new property" created by the taxpayer.

The Jarrets argued the Tozen tokens obtained should not be taxed until sold or exchanged.

IRS has offered to refund the couple's taxes paid on rewards gained trading Tezos.

The precedent opens the debate in defining and taxing cryptocurrency assets.

The IRS form 1040 verifies if taxpayers "received, sold, exchanged, or otherwise disposed of any financial interest in any virtual currency during the last year."

The IRS is trying to move on to cryptocurrencies. Nevertheless, there's still confusion about terms and how they can tax them.

Previously, the IRS defined virtual currency transactions as one that included the "receipt of new virtual currency as a result of mining and staking activities."

The IRS definition goes against the recent case in which they offered a settlement.

Cryptocurrency holders have plenty of doubts about the new IRS policy and how it would affect their earnings.

It is unclear if the IRS plans to update their official guidance regarding cryptocurrency. Nevertheless, crypto owners could start a new positive movement.

According to Crypto & Blockchain journalist Kamran Rosen, "sources close to the matter say the couple (Joshua and Jessica Jarret) plans to pursue the case further in court to obtain longer-term protection. This would undoubtedly set a national precedent for the growing taking industry, currently estimated to be around $18B."

"With half of all Bitcoin owners filing taxes on their crypto for the first time this year, the decision is likely to be one of the most closely watched of the 2021 tax filing season," Rosen published.

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How Cryptocurrency Will Change the Way We Give – Worth

Posted: at 4:54 am

As cryptocurrency can help investors broaden their portfolios and diversify their finances, it can also help investors contribute to a wider range of organizations, charities and causesresulting in a more engaged and more impactful type of giving.

Published on February 3, 2022

Philanthropy is going crypto. The global conversation about money was shaken when cryptocurrency entered the scene. More investors are adding cryptocurrency to their portfolios, and its time to consider how cryptocurrency can support and sustain other elements of financial managementnot just buying or selling. Cryptocurrency gives consumers greater autonomy, and therefore, control when it comes to their money. Its nature as a fully digital currency makes it easier to send money, and it provides a greater sense of privacy for the buyer.

As cryptocurrency can help investors broaden their portfolios and diversify their finances, it can also help investors contribute to a wider range of organizations, charities and causesresulting in a more engaged and more impactful type of giving.

Cryptocurrency investors already have a generous spirit, but many are surprised to hear this because of the stigma surrounding cryptocurrency usage. According to Fidelity Charitable, 45 percent of cryptocurrency investors donated $1,000 or more to charities in 2020. By contrast, only 33 percent of their peers in the overall global investor population have given that much.

Thanks to the control and flexibility that cryptocurrency offers its users, generosity can become a regular part of money management. The primary way that cryptocurrency will transform philanthropy is by making it an automated experience that gives the consumer full control over how the funds are managed.

There is a real opportunity to tie the wealth creation possibilities of cryptocurrency with a mission to positively impact the world. Its time for cryptocurrency users and companies to understand that decentralized finance is about more than wealth creation. It can also be about generosity, philanthropy, and contributing to the greater good.

Forging a new path for philanthropy in the digital age requires the right technological tools. At Sandclock, we believe that bridging the gap between blockchain as a technological invention and blockchain as a method for philanthropy will require ultra-programmable money. Before cryptocurrency can become a vehicle for philanthropy, it must leverage yield generation strategies that split yield from principal. It is through this process that users achieve high rates of return that compound their yield and create micro-endowments.

Blockchain-based money markets like Aave, Curve, Yearn and Compound have grown exponentially in recent years. According to DeFi Pulse, over $100 billion is currently locked in various decentralized finance protocols. Various protocols offer yields on stable coins ranging from a modest 5 percent to 20 percent in most cases, with substantially higher APYs in newer blockchains like Solana, Terra and Avalanche.

But the key to making it work is a set of advanced algorithms that interact with various money markets on various blockchains. This allows users to generate yield on deposits and empowers them to use the platform as a blank canvas to create infinite strategies, allocating their principal and yield as they see fit.

Users can choose for their principal or yield to auto-compound, while the rest can be used to donate. Consumers can invest into dollar-cost average vaults that will buy crypto based on a predefined schedule, create DAOs that provide exit liquidity to NFT floor undercutters and give funders fractional ownership of the bought pieces or establish perpetual endowments that support global refugees through prepaid cards.

Cryptocurrency investors know this: The decentralized finance world hasnt been sufficiently battle-tested yet. Innovators and regulators are both still figuring out how to protect the investment community and leverage the benefits of cryptocurrency at the same time, moving forward in innovative ways without neglecting the potential issues of the technology.

The good news is that platforms like Sandclock are working toward compliance goals so that more users can adopt cryptocurrency as part of their investment portfolios. Sandclock is also one of the first to pursue SOC-1 and SOC-2 certification and work with well-established insurance providers to protect users funds in case of an unexpected loss, only furthering the stability of the investment.

As cryptocurrency companies and decentralized finance (DeFi) protocols continue to grow, so will generosity among their users.

Connecting with users desires to leverage cryptocurrencies and blockchain tech for wealth creation while also catering to their human drive to support global causes will be the key differentiating factor for generosity-based cryptocurrency in terms of adoption and growth.

Alexander Hughes is the chief legal and compliance officer at Sandclock.

An indispensable guide to finance, investing and entrepreneurship.

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Jamie Dimon is no longer using the word "cryptocurrency" – Quartz

Posted: at 4:54 am

Jamie Dimon, the CEO of JPMorgan Chase, has made his contempt for cryptocurrency clear, calling it worthless during the great crypto boom in October 2021. But now, he says, he has stopped even calling them currencies.

Currencies have rules of law behind them, central banks and tax authorities, Dimon said in an interview with the Greek news outlet Ekathimerini. I call them crypto-tokens.

Strictly speaking, Dimon is only partly correct. In economic theory, the kind of currency he meansbacked by governments and their agenciesis often called fiat money. But before there was fiat money, there was currency as a broadly agreed medium of exchange: Cowrie shells, for instance, were once used as currency so widely across India, China, and Africa that the modern Ghanaian currency, the cedi, comes from the local word for cowrie shell.

Currencies dont necessarily need to be backed by central banks to function as a medium of exchange; in fact, the champions of crypto say that the value of cryptocurrency lies precisely in that lack of centralized control.

Where Dimon has a point, though, is in the other two functions of currencies: to facilitate exchange for goods and services, and to store value. Bitcoin may buy you a coffee in El Salvador, and ethereum may buy you an NFT listing on OpenSea, but such use cases are still rare. The main thing crypto can be exchanged for is fiat currency.

And while cryptocurrencies do store value, they do it less reliably than the dollar or other fiat currencies. The price of bitcoin fell 46% between November 2021 and January 2022. If a fiat currency was ever that volatile, its users would be in severe trouble.

To that end, Dimon also claimed he didnt understand crypto assets and suggested other people dont either: Youve seen that, in the last couple of months, they have lost half their value in the US market, he added.

When Dimon calls cryptocurrencies tokens, he is casting them as specific kinds of tradable or fungible assets with limited utility. Crypto-enthusiasts think of tokens as a subset of all cryptocurrency. Dimon is telling them that cryptocurrency is already much narrower and more limited than theyd like to believe.

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